Drive down the cost of your car insurance
From what affects car insurance prices to what you can do about it.
Key points
- Car insurance prices are shaped by many factors, some you can influence - like your mileage or driving history - and others you can’t, such as repair costs.
- Multicar insurance could save you money if you insure more than one car under the same policy.
- Review your level of cover, and make sure your policy still meets your needs.
- Update your policy details if your mileage or circumstances have changed, especially at renewal.
- Check who’s insured on your car - removing named drivers who no longer need cover may reduce your premium.
Whether reviewing your monthly budget for ways to cut costs or finding the best deals when renewing your car insurance, it may feel like you’re driving in circles.
Check out our video on how to help drive down the cost of your car insurance.
Transcript for video Drive down the cost of your car insurance
0:03
Most of us have seen our bills go up in recent months.
0:06
Your car insurance may have gone up as well due to the cost of car parts and repairs also increasing.
0:11
Car insurance is a requirement, but there are some things you can do to make sure you're not paying more than you need to.
0:18
You could consider a multi car policy.
0:20
If you have more than one car at your address, then insuring them all under one policy could save you money, as some insurers will offer a discount for each additional car you add.
0:29
Select the right level of cover for your needs.
0:32
Higher levels of cover give you more protection but at a higher premium.
0:36
The lower levels will be cheaper, but make sure they're covering everything you need.
0:41
Be sure to check your renewal.
0:43
If you've been with your insurer a while, check that your details are still up to date.
0:47
Otherwise you might miss the chance to save valuable pounds.
0:51
For example, if you're doing fewer miles than you used to, then update your policy to reflect this.
0:57
It's also worth double checking who's insured on your car.
1:00
If your teenager who had some lessons in your car is now 20 with a car of their own, but still the named driver on your policy, then removing them may lower your premium.
1:09
And finally, please don't cancel your insurance if you're struggling to pay your premium, get in touch with us, we might be able to help.
What factors affect car insurance prices?
There are many factors. Some of these are specific to you and you may have some influence over. The majority of factors, however, have to do with what’s happening in the insurance market and the world around you.
Four factors you can't influence:
- When there's an increase in car thefts, insurers may see more claims, which can lead to rising costs.
- If there are more injury and third-party claims in the market, insurers might raise their prices.
- When energy prices rise, it can push up costs for manufacturing and transport, which may mean higher costs across the supply chain.
- When repairs take longer, because of parts shortages or staff issues, courtesy cars are needed for longer too, which can also push up overall costs.
Five things that can affect your insurance:
- where you live.
- your mileage.
- the vehicle you drive.
- who drives your car.
- your driving history and experience.
For more details, check out our page explaining your car insurance price.
Our tips to help reduce your car insurance cost
With car insurance prices impacted by many factors, it may seem overwhelming to try to stick within your budget. But there are steps you can take to make sure you’re not paying more than you need to.
Consider multicar insurance
If you have more than one car at your address, then insuring them all under one policy could save you money (and hassle).
Evaluate the different levels of cover
Review your car insurance based on what you need. Yes, higher levels of cover give you more protection, but this comes at a higher premium.
Lower levels will be cheaper, but make sure they’re covering everything you need.
For example, with our Quotemehappy.com Essentials you can get a comprehensive car insurance policy without some cover elements like personal belongings, European cover, and windscreen or glass only claims.
Review your car insurance details
Looking through your car insurance details, especially when you’re due to renew can help you pinpoint changes. For example, you may be driving fewer miles, which could bring you some savings.
Check the named drivers on your policy
It’s important to double check who’s insured on your car. You may have popped your teenager on your policy as a named driver when they were a learner driver, but now they have a car of their own. Removing them from your policy may lower your premium.
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